Plant Based Meat Market Size, Share, Growth Analysis Report By Product (Patties, Burgers, and Sausages), By Source (Pea, Soy, and Wheat), By Type (Beef, Pork, and Chicken), By Storage (Frozen, Refrigerated, and Shelf-Stable), By End-User (Hotel / Restaurant/ Cafe, and Retail), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028

Industry Insights

[214+ Pages Report]  According to the report published by Facts & Factors, the global plant based meat market size was worth around USD 7.5 billion in 2021 and is predicted to grow to around USD 15.8 billion by 2028 with a compound annual growth rate (CAGR) of roughly 15% between 2022 and 2028. The report analyzes the global plant based meat market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the plant based meat market.

Market Overview

Plant based meat or alternatively known as fake meat or substitutes are food items derived from plants and eaten as a replacement for animal meat. These products typically have the same effects as real meat in terms of nutrition, flavor, mouth fullness, chemical properties, and physical appearance. They are generally consumed by vegetarians or vegans. The main difference between the two is that vegetarians do not consume animal meat whereas vegans refrain from any product, clothing and food items, which passed through any process that led to cruelty against animals, including abstaining from animal-derived dairy products like milk, cheese, yogurt, and others. The most widely used ingredient is soy to create meat substitutes like tofu, and textured vegetable protein, however in many cases wheat gluten is used as well. The growth in the global market cap is anticipated to help reduce the environmental impact of the meat industry, as with the growing population, the demand for meat products may increase resulting in severe damage to the ecosystem. 

Key Insights

• As per the analysis shared by our research analyst, the global plant based meat market is estimated to grow annually at a CAGR of around 15% over the forecast period (2022-2028).
• In terms of revenue, the global plant based meat market size was valued at around USD 7.5 billion in 2021 and is projected to reach USD 15.8 billion, by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
• Based on type segmentation, the chicken was predicted to show maximum market share in the year 2021
• Based on product segmentation, burgers were the leading revenue-generating products in 2021.
• On the basis of region, North America was the leading revenue generator in 2021

Covid-19 Impact

The global market suffered during the pandemic which was majorly driven due to the disruption in the supply chain and partial functioning of manufacturing units. Issues related to the availability of raw materials also impacted the global market. However, in the long run, it is projected that the virus may have a positive influence on the global market size as more people are now showing an inclination toward refraining from animal-based products.

Growth Drivers

• Rise in arguments about the long-term ill effects of meat consumption to propel market growth

The global plant based meat market is projected to grow owing to the rising concerns over debates about the potential ill-impact of meat consumption for a long time. These discussions, even though currently not completely established, have led to an increased hesitation amongst consumers and many people are now preferring plant based food items over animal-based products. As per a study published on the National Library of Medicine website, some cohort studies in the United States (US) and European markets have concluded that long-term red meat consumption, especially processed products, is associated with an increased risk of cardiovascular diseases (CVDs), higher mortality rate, type 2 diabetes, and colorectal cancer in women and men. Some of the diseases are fatal and do not have a concrete treatment plan resulting in more people choosing the healthier option.

Restraints

• Concerns over labeling to restrict the market growth

The global market growth trend may be negatively influenced due to the growing concerns about the right labels that should be used for plant based meat. For instance, many states and regulatory bodies have asked organic meat producers to remove the word ‘meat’ during advertisements as the product does not qualify as a meat product. Many meat processing companies have managed to win legal battles against the use of the label ‘meat’ as it is termed a misleading marketing campaign.

Opportunities

• Rising number of players to provide market expansion opportunities

The global market cap size may benefit from the rising number of plant based meat producers. Even though the substitute has been in point of discussion for many decades, only recently it has received the necessary spotlight resulting in an increase in the number of companies willing to invest in the global market. Alongside, there are multiple other ways like mergers & acquisitions, collaborations, and joint ventures through which the players are expanding their foothold which will subsequently provide more growth opportunities

Challenges

• Questions about the authenticity of plant based meat to challenge market growth

There have been some reported instances of animal testing being a part of the process through which plant based meat is created. This directly contradicts the claim of plant based products that they are free of animal cruelty thus challenging the authenticity of the products and subsequently the global market growth. Many companies like Chipotle, have refused to use plant based meat since these products are extremely highly processed food items rendering them not as beneficial as they are claimed to be.

Segmentation Analysis

The global plant based meat market is segmented by product, source, type, storage, end-user, and region

Based on product, the global market is divided into patties, burgers, and sausages with over 29% of the global market segment being led by the sale of burgers, in 2021. Based on source, the global market is segmented into pea, soy, and wheat. Meat products derived from soy accounted for more than 48% of the global market in the last year.

Based on type, the global market segments as beef, pork, and chicken with 34% of the market, in 2021, dominated by the chicken segment. Based on storage, the global market is divided into frozen, refrigerated, and shelf stable. Frozen items witnessed the highest sale in the last year and shared around 56.65% of the global market revenue.

Recent Developments:

• In July 2022, Tata Consumer Product Ltd entered the market the same month under the brand name Tata Simply Better with four products namely Burger Patty, Nuggets, Spicy Finger, and Awadhi Seekh Kebab.
• In July 2022, Bveg, an Indian vegetarian food company, showcased the images of its plant-based meat-producing facility for the first time. The unit is claimed to be the grandest of its kind in the entire country. It is supposed to be a one-stop destination for other vegan-friendly brands in India.

Report Scope

Regional Analysis

• Growth in North America to lead market expansion

The global plant based meat market is anticipated to be led by North America because of the high awareness rate amongst the population about the presence of such options. The products are relatively higher priced and the per capita income of the people in countries like the US and Canada allows them to spend on such products. The regional revenue may also be attributed to a large number of producers in the market allowing for various options to be made available to the consumers to choose from. This also helps to maintain the supply & demand balance resulting in the prices being under control.

Europe is projected to grow significantly because of growing efforts undertaken by entities promoting sustainable food and clothing consumption, to educate the masses about the benefits of opting for plant-based meat instead of animal meat, which is not just restricted to the health of the consumer but to the environment as well. As per a recent study by smart protein, meat consumption in the EU was down by 46%.

Competitive Analysis

• Impossible Foods Inc 
• Beyond Meat 
• Tofurky 
• Gold&Green Foods Ltd 
• Maple Leaf Foods 
• Unilever 
• Vbites Food Limited 
• Monde Nissin 
• Conagra Foods 

The global plant based meat market is segmented as follows:

By Product

• Patties
• Burgers
• Sausages

By Source

• Pea
• Soy
• Wheat

By Type

• Beef
• Pork
• Chicken

By Storage

• Frozen
• Refrigerated
• Shelf-Stable

By End-User

• Hotel / Restaurant/ Cafe
• Retail

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
    • Denmark
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America